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Rent to Own Homes in New Mexico

Rent to Own Homes in New Mexico

New Mexico is a southwestern state positioned between Arizona, Texas and Colorado. Mexico is just south of this state, and the northwestern corner of the state connects with the southeastern corner of Utah. This part of the United States is known for intense heat, expansive deserts and picturesque mountain ranges. The state is home to the Gila National Forest, the Cibola National Forest, the Carson National Forest and the Kiowa National Grassland.

This state was originally connected with a few of its surrounding states to form the New Mexico Territory. There were disputes over the land as the states were separated, mostly over the Permian Basin. Today, some of New Mexico’s biggest attractions include the White Sands National Monument, Carlsbad Caverns National Park, the Albuquerque Biological Park and the ski resorts, hiking trails and golf courses of Los Alamos. Some of the state’s educational attractions include the Indian Pueblo Cultural Center, the New Mexico Museum of Space History and the New Mexico Museum of Natural History and Science.

New Mexico is a southwestern state positioned between Arizona, Texas and Colorado. Mexico is just south of this state, and the northwestern corner of the state connects with the southeastern corner of Utah. This part of the United States is known for intense heat, expansive deserts and picturesque mountain ranges. The state is home to the Gila National Forest, the Cibola National Forest, the Carson National Forest and the Kiowa National Grassland.

This state was originally connected with a few of its surrounding states to form the New Mexico Territory. There were disputes over the land as the states were separated, mostly over the Permian Basin. Today, some of New Mexico’s biggest attractions include the White Sands National Monument, Carlsbad Caverns National Park, the Albuquerque Biological Park and the ski resorts, hiking trails and golf courses of Los Alamos. Some of the state’s educational attractions include the Indian Pueblo Cultural Center, the New Mexico Museum of Space History and the New Mexico Museum of Natural History and Science.

Many new residents come to New Mexico as students or faculty members at the University of New Mexico or the New Mexico State University. Other centers of higher learning include the New Mexico Highlands University, Western New Mexico University and Eastern New Mexico University. Laws for the state are established by the New Mexico Supreme Court, the lower state courts and local governments for each city.

Buying a Home in New Mexico

With median rental prices rising over $1,000 per month, it’s no secret that more renters are now buying homes. The median listing price for the state is around $200,000, and the median home value is around $170,000. Home values started to rise in 2016, and that trend is expected to continue for at least another year or two. You can expect to pay at least $100 per square foot, and some New Mexico neighborhoods will command a much higher price. Albuquerque has some of the more affordable homes, and Santa Fe is one of the most expensive cities.

Popular Neighborhoods in New Mexico

If you’re concerned about access to jobs, consider buying a home in Los Alamos. This is one of the most popular cities in New Mexico, and residents enjoy a high median income per household and easy access to a variety of employment opportunities. Housing prices are higher here than in some other cities, but that comes with the higher income of most residents.

Many New Mexico families live in smaller towns and suburbs like Rio Rancho. This town offers a more rural lifestyle, but you’ll have to drive at least 10 minutes to find restaurants and stores. If you’re concerned about the heat in this state, look to Farmington. Average summer temperatures are in the low 70s, and the city hosts a variety of community events to keep residents active.

Buying a Home in New Mexico

Are you looking for rent-to-own homes in New Mexico? These homes allow you to rent property that you plan to purchase in the future. If you know that you’re going to buy a home within the next two or three years but want to move right away, this type of contract may work in your favor. You will agree to rent the home for a specified period of time while maintaining the right to buy the property. Once you land a mortgage loan or otherwise secure funding, you can close on the sale and consider yourself a home owner.

Cost of Living in New Mexico

The cost of living in New Mexico can fall up to 10 percent below the national average at times. Most residents pay below-average prices for childcare, healthcare, transportation and taxes. Santa Fe is one of the most expensive cities in the state with average living expenses falling between $2,600 and nearly $7,000 per month. The most affordable cities are the rural communities positioned away from the larger cities. The cost of housing tends to stay at least 10 percent below the national average, so the prices are reasonable even in the more expensive regions.

Summary

New Mexico is positioned toward the southwestern corner of the United States, just north of Mexico. There are five state universities bringing new residents into the state, and many more move into the area because they appreciate the warm weather, the deserts and the mountain ranges. There are a variety of national forests, grasslands and protected conservation areas within the state, making New Mexico a great place to visit or live if your preferred lifestyle includes a lot of time outdoors. Match the scenic landscape and warm climate with the reasonable cost of living, and you see why more than two million people now call New Mexico home.

About Rent To Own Labs

Our goal is to help you find the ideal rent to own home. To do that, we’ve had to experiment with a lot of crazy things to make that happen (thus our name!). We’re consistently trying new things, working with new partners, and overall, trying to make your search experience as seamless as possible. At the end of the day, we know how important it is to find the perfect home, and we’re excited to help you find it, and to help you through the entire process.